Digital payments platform Paytm said on Monday it would invest ₹500 crore in 2018 to drive acceptance of its QR code feature which would allow merchants to accept customer payments directly into their bank accounts at zero charge.
“Paytm QR now allows offline merchants to accept unlimited payments directly into their bank accounts at 0% charge. Consumers can scan and pay at merchant outlets using payment methods, including Paytm, UPI and cards,” the firm backed by Softbank and Alibaba said.
The company added that its team of 10,000 sales professionals were working with in-store merchants and creating awareness about Paytm QR. “Paytm will invest ₹500 crore in the upcoming calendar year to conduct merchant training and awareness initiatives to expand the reach and acceptance,” it added. This would eliminate the need for PoS machines for merchants.
“With Paytm QR, our merchant partners can now accept payments at 0% charge, directly in their bank accounts through multiple payment instruments, including UPI and cards. And there is no monthly limit on collecting payments from their customers. We will continue to invest in expanding our payments network till the time every small and large merchant gets the power of mobile payments with Paytm,” Kiran Vasireddy, COO, Paytm, said.
